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1、Chapter 3,What Is Money?,Meaning of Money,What is money? Economists Meaning of MoneyAnything that is generally accepted in payment for goods and services or in the repayment of debts. Money CurrencyA rather broad definition,Meaning of Money,Money (a stock concept) is different from:Wealth: the total
2、 collection of pieces of property that serve to store value.Wealth includes not only money but also other assets. Income: flow of earnings per unit of time (a flow concept),Functions of Money,1. Medium of Exchange: Used to pay for goods and services.Eliminates the trouble of finding a double coincid
3、ence of needs (reduces transaction costs)Promotes specializationCriteria:Easily standardizedWidely acceptedDivisible Easy to carryNot deteriorate quickly,Functions of Money,2.Unit of Account: used to measure value in the economyreduces transaction costs by reducing the number of prices that need to
4、be considered.3.Store of Value: used to save purchasing power over time.other assets also serve this function Money is the most liquid of all assets but loses value during inflationLiquidity: the relative ease and speed with which an asset can be converted into a medium of exchange.A doubling of all
5、 prices means that the value of money has dropped by half.,Evolution of the Payments System,1.Commodity MoneyMany items have been used as commodity money, such as shells, beads, cotton and silk textile, cattle, salt, and even tobacco. Then precious metals like gold and silver acted as money.Metal mo
6、ney has some advantages, because metal money is durable, portable, and easily divisible.,海贝,Evolution of the Payments System,Fiat money Paper currency decreed by governments as legal tender but not convertible into coins or precious metal.Advantages: lighter than coins or precious metalDrawbacks: ma
7、y be counterfeited, easily stolen, expensive to transport.,Evolution of the Payments System,ChecksAn instruction from you to your bank to transfer money from your account to someone elses account when she deposits the check.Advantages :-reduces the transportation costs associated with the payments s
8、ystem and improves economic efficiency.-makes transactions for large amounts much easier.-loss from theft is greatly reduced.,Evolution of the Payments System,Electronic paymentThe development of computers and the spread of the Internet make it cheap to pay bills electronically.Electronic money: Mon
9、ey that exists only in electronic form.(1)Debit cards(2) Stored-value cards (3) E-cash,Measuring Money,How do we measure money? Which particular assets can be called “money”?Construct monetary aggregates using the concept of liquidity:M1 (most liquid assets) = currency + travelers checks + demand de
10、posits + other checkable deposits.,Measuring Money,M2 (adds to M1 other assets that are not so liquid) = M1 + small denomination time deposits + savings deposits and money market deposit accounts + money market mutual fund shares.,Table 1 Measures of the Monetary Aggregates,Monetary Aggregates,Curre
11、ncyTravelers ChecksDemand DepositsOther Check. Dep,M1 (4),M2 (4+3),M3 (4+3+4),Small Den. Dep.Savings and MMMoney Market Mutual Funds Shares,M1 vs. M2,Does it matter which measure of money is considered?M1 and M2 can move in different directions in the short run (see figure). Conclusion: the choice o
12、f monetary aggregate is important for policymakers.,FIGURE 1 Growth Rates of the M1 and M2 Aggregates, 19602008,Sources: Federal Reserve Bulletin, p. A4, Table 1.10, various issues; Citibase databank; www.federalreserve.gov/releases/h6/hist/h6hist1.txt.,How About China?,我国将货币供应量划分为三个层次：一是流通中现金0，即在银行
13、体系外流通的现金；二是狭义货币供应量1，即0加上企事业单位活期存款；三是广义货币供应量2，即1加上企事业单位定期存款、居民储蓄存款和其他存款。,3.5 How Reliable are the M2 Money Data: Data Revisions,3.5 How Reliable are the M2 Money Data: Data Revisions,We probably should not pay much attention to short-run movements in the money supply numbers, but should be concerned only with longer-run movements.,
